Maurel & Prom - Sabanero Well in Colombia : Discovery Confirmed

PARIS, September 20, 2010 /PRNewswire-FirstCall/ -- Maurel & Prom (operator 100%) announces the success of the second exploration well (SAB-SE-1) drilled in the Sabanero permit. The exploration well found 12 API crude oil in the Carbonera C7 formation.

The purpose of this second drilling was to confirm the productivity of the discovery and the thickness of the reservoir. The Sabanero SE-1 exploration well has been drilled to 3,241 ft (988 m) (MD) and found oil in the Carbonera C7 formation, with a net pay of 27 feet (8 m) of which 15 feet (4.5 m) have been perforated, with a resulting flow rate of 500 bopd compared to 140 bbl produced from the first well before water breakthrough.

Based on data from the two wells drilled so far and 3D seismic coverage, the possible extension could have a surface of 40 km2 with an averaged net pay of 30 feet (9 m).

The exploitation conditions and quality of oil look to be similar as the ones of Rubiales field (located 50 km southwest).

The recovery rate for heavy oil fields within the llanos basin is estimated between 10% and 20%.

A third exploration well will be drilled within the existing licensed area; two more exploration wells will be drilled, one on the top of the structure, as soon as environmental authorization is obtained.

This document may contain forward-looking statements regarding the financial position, results, business, and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors such as, fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism or sabotage.

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SOURCE Maurel & Prom